Lili Reviews

Lili | Banking Designed for Your Business

lili.co
3.70
126 reviews
Great Rating
Based on 126 user experiences

Rated 3.70 out of 5 by 126 Happy Customers

45.2%
15.9%
15.9%
6.3%
15.9%
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R

Lili Is What Was Missing For Me

Lili is first off very secure Can t say enough about this element Then there is the ease of incorporation with all my current work and personal accounting Lili delivers on all important aspects and I am very grateful for this company The only thing I want now is a yellow Lili card to match the logo
C

A proud business owner

Opening up a business account with Lilly was the best decision I ever made It makes purchasing materials and supplies for my company Very easy they categorize every purchase which makes it easier to file taxes and keep accountant simple I recommend Lilly to anybody who is interested in making their business easy accessible and efficient
S

I really like this bank app for

I really like this bank app for business You can categorize expenses like quick books It s a great app
A

Easy and convenient

It was much easier than dealing with an in person branch My last bank fory business treated me horribly This Makes it easy and simple and lays the terms out simply
A

It s important for later to make sure if anything look fraudulent to always report it by sending a text or a email

I had a bad experience Lili allows some transactions to go through my account fraudulently someone charge my account back to back with small amount of money but it added up to more than over 200 taking out my account I can t believe that Lili will allow something like that to happen especially when it was done back to back I think Lili should have notified me after I filed a claim Lili actually turned me down I still haven t got my money back
W

They have a very user friendly

They have a very user friendly Interface for this platform I think any small business owner would benefit very well from using this bank
C

Great app id tell everyone to download

Great app id tell everyone to download this app way better then cash app PayPal any of the normal apps people are use to using
D

Terrible Banking Service

Terrible customer service I mobile deposited a county payroll check and the app and confirmation email stated it would be available in 2-5 business days I made the deposit on 02 21 and it still hasn t deposited I called support and requested a supervisor only for the agent to tell me she wouldn t transfer me because they would just tell me the same thing I just wanted to understand why my deposit was going to take so long and why it wasn t going to be what their app told me it would be Will be closing my account as soon as the funds become available
R

Another online bank that after years of having an account with no disputes they treat you like trash Tired of it

So I have had this account since January 2021 I have some unauthorized charges on my account so I went in and looked through my bank statements I start to see since last four months I ve been getting charged fees After talking to somebody found out that I was an automatic upgrade to 20 a month fee four months ago and then when I went to get a new debit card somehow I ended up signing up for 35 a month fee There s no extra services I use nothing I just put money in it and use it the only thing you pay for really is the use of invoice which just connects me to my Stripe account that I already have So I called and talk to him and argue with me and tell me I cannot get a refund on my fees that I was not on automatic upgrade I was already told by somebody I was 20 a month and then I was bumped up to 35 a month I got the second 35 a month charge on the day they charged it and requested two 20 and two 35 fees be refunded I got one 35 fee that was it When I call back they just argue with me tell me nothing they can do I m getting charged for it and I tell them to make my plans zero dollars after being nice and telling them if they give me back to two 20 and two 35 fees that they can keep me on the nine dollar fee Well they give me one back charge me the nine dollars and argue with me and very rude They made a lot of money of me from transferring money from the account to account and I didn t ask for a automatic upgrade So I wanna be found complaint with the control of currency anybody else I can I ve sent emails and got ignore for the past two weeks I have too many things going on too many counts I have to deal with this kind of stuff They don t forward you to a supervisor if he has to talk to somebody or you get is who you call and when I call about the 35 a month fee the perk for that is you get a dedicated specialist and customer support said So after asking about that since they charge me for it I was asking where my special customer support was They said it was you don t have to wait 10 minutes That s what they charge you 35 for invoices that you are already signed up for the Stripe which I never used so there s many other places you can use one of these online banks I m starting to regret using online banks after other incidences with other banks Second time I ve had an online bank and didn t even file disputes on money I should have because I just don t like doing it and treat me like trash tired of it
J

Don t recommend for sole proprietor

I went through the prompt as a sole proprietor and got denied without reason I reached out through email and got the response that because of bots and scams they can t give me a reason to my denial letter I have my EIN and paperwork showing I m a business But yet they don t say anything regarding that just they can t approve me I d recommend the many other banks

About Lili

Whether you're a small business owner or freelancer, Lili offers you tools you need to save money and grow your business.

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Frequently Asked Questions

Lili is a financial technology platform specifically designed for freelancers, independent contractors, sole proprietors, and small business owners. It provides an integrated suite of banking, bookkeeping, and tax optimization tools within a single mobile application to address the unique financial challenges faced by self-employed individuals.

Lili offers a business checking account with no monthly fees, no minimum balance requirements, and no overdraft fees. Account holders receive a Visa® Business Debit Card and have access to a large network of fee-free ATMs. Features include early direct deposit and customizable expense buckets to organize funds for taxes, savings, or business expenses.

Lili automates expense tracking by categorizing transactions into IRS-approved categories. It includes a receipt capture feature to digitally store and match receipts to transactions. The platform also provides real-time income and expense tracking, and it automatically calculates estimated tax liabilities, helping users set aside funds in a dedicated 'Tax Bucket'.

Beyond banking and bookkeeping, Lili allows users to create and send professional invoices directly from the app, with notifications for when invoices are viewed and paid. The platform also offers insights and resources, such as articles and tools, tailored to help freelancers manage irregular income and maximize tax deductions.

Yes, funds held in Lili accounts are FDIC-insured up to $250,000 through its partner bank. The platform employs robust security measures including encryption, instant transaction alerts, and the ability to instantly freeze a debit card from the mobile app for added security and peace of mind.

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About Lili

Lili: The Financial Platform for Freelancers and Small Business Owners

Lili.co is a dedicated financial technology platform designed specifically to meet the unique needs of freelancers, independent contractors, sole proprietors, and small business owners. Recognizing the distinct challenges faced by the self-employed, Lili provides an integrated suite of banking, bookkeeping, and tax optimization tools within a single, streamlined mobile application. The platform's core mission is to simplify financial management, saving users time and money while empowering them to focus on growing their business.

Core Banking Services

At its foundation, Lili offers a modern business banking experience through a checking account with no monthly fees, no minimum balance requirements, and no overdraft fees. Account holders receive a Visa® Business Debit Card and enjoy access to a vast network of fee-free ATMs. Key banking features include early direct deposit, enabling users to access their funds sooner, and customizable expense buckets to help organize and set aside money for taxes, savings, or business expenses directly within the app.

Integrated Financial Management Tools

Lili distinguishes itself by seamlessly integrating essential financial tools beyond basic banking. These features are engineered to automate and simplify the administrative burdens of self-employment:

  • Automated Expense Categorization:Transactions are automatically sorted into IRS-approved categories, making tax time significantly less complicated.
  • Receipt Capture:Users can instantly snap photos of receipts within the app, digitally storing them and matching them to corresponding transactions.
  • Real-Time Income & Expense Tracking:The app provides a live dashboard view of cash flow, profit & loss, and deductible expenses, offering immediate insight into business financial health.
  • Tax Estimation & Savings Tools:Lili automatically calculates estimated tax liabilities and helps users set aside the appropriate funds in a dedicated "Tax Bucket," reducing year-end surprises.

Features for Business Growth and Efficiency

Beyond day-to-day management, Lili provides functionalities aimed at supporting business operations and growth. Users can create and send professional invoices directly from the app and receive notifications when they are viewed and paid. The platform also offers valuable insights and resources tailored to the freelance community, including articles, tips, and tools for managing irregular income and maximizing deductions.

Security and Reliability

Lili accounts are FDIC-insured up to $250,000 through its partner bank, ensuring deposits are safe and secure. The platform employs robust security measures, including encryption, instant transaction alerts, and the ability to freeze a debit card instantly from the mobile app, providing users with peace of mind regarding their business finances.

Target Audience and Value Proposition

Lili is meticulously crafted for the modern independent worker, including freelancers, gig economy participants, consultants, creators, and small business owners. The platform's primary value proposition is consolidation—replacing the need for multiple separate apps for banking, accounting, and tax preparation with one unified solution. By automating financial tracking and tax preparation, Lili aims to reduce administrative stress, improve financial organization, and ultimately help its users keep more of their hard-earned money.

In summary, Lili.co positions itself as more than just a bank; it is a comprehensive financial assistant for the self-employed. By combining essential banking services with powerful automated bookkeeping and tax tools, Lili provides a tailored ecosystem that addresses the specific pain points of running a solo business, allowing entrepreneurs to manage their finances with greater confidence and efficiency.